Parity Technologies has lost approximately $150 million worth of Ethereum, or 513,774.16 Ether, earlier this year.
According to the reliable statistics, Parity Technologies has lost approximately $150 million worth of Ethereum, or 513,774.16 Ether, earlier this year.
The incident happened when one of their users accidentally deleted an important code library that was a vital component of Parity’s wallet. As a result, one million in ETH was frozen. However, among this one million in ETH, $90 million was obtained from token sale for the Polkadot blockchain technology, according to Gavin Woods, the co-founder of Parity Technologies and a core developer of Ethereum. Gavin Woods has also stated that the money is not lost forever, though.
At TechCrunch Disrupt Berlin, Jutta Steiner, the CEO and co-founder of Parity Technologies, and Gavin Woods retraced the entire story and elaborated what had really happened. The library which governs the logic of the e-wallets had a bug.
Please note, the technology is still very young at this stage. In fact, these technologies are now in the moon-landing phase of such a brand new industry. That’s why the developers are not sure about how to deal with these bugs.
The TechCrunch editor-at-large i.e. Mike Butcher has further mentioned that the bug that caused this sudden freeze was actually known to the developers. In fact, the issue was reported long before. Jutta Steiner stated that the issue was not reported as a potential security flaw at that time. Rather, it was just reported as a nice-to-have update. According to Jutta Steiner, she was not aware of the critical impact of this bug.
However, Jutta Steiner is confident that the company will release a fix for this issue in the upcoming 4 to 6 months. This planned fix will unfreeze the money. It will go live in the next scheduled update.
Is Gavin Woods Upset About This Issue? — Well, it does not seem like he’s too much fazed by it. But, the reported issue has clearly become a sensitive subject for both Polkadot and Parity.